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Eagle Ford sees new drilling activity despite nationwide drop

Eagle Ford sees new drilling activity despite nationwide drop
November 23
21:12 2015

The Eagle Ford Shale is one of the few bright spots in the industry. Meanwhile, the United States experienced an overall drop nationwide in the number of active oil and natural gas rigs.

West Texas Intermediate crude oil was trading above $42 per barrel the afternoon of Nov. 20, while figures from the Baker Hughes rig count show that new drilling in the Eagle Ford Shale rose to 75 active rigs.

The figures mark the reversal of almost three months of declines. At this same time last year, there were 209 active rigs in the vast oil-rich region just south of San Antonio.

he U.S. Energy Information Administration reports that oil production is declining in the Eagle Ford, but the region is still expected to produce more than 1.27 million barrels of oil per day in December. EIA figures also show that American crude oil inventories remain at 487.3 million barrels — a level that has not been seen at this time of year in at least the past 80 years.

Houston-based Baker Hughes Inc. (NYSE: BHI) releases rig count data on a weekly basis. Rig count data is considered a barometer of oil drilling activity worldwide.

New oil rig activity provides business for a number of subcontractors out in the field. According to a recent study from the University of Houston, each drilling rig represents a total of 224 jobs both on and off the drilling pad.

Sergio Chapa covers the energy industry for the newspaper.

Sourrce:     bizjournals.com

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1 Comment

  1. Marlee
    Marlee July 08, 08:27

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